“Global Soy Flour Market to reach a market value of USD 8.8 Billion by 2031 growing at a CAGR of 13.7%”
The Global Soy Flour Market size is expected to reach $8.8 billion by 2031, rising at a market growth of 13.7% CAGR during the forecast period. In the year 2023, the market attained a volume of 365,398.6 tonnes, experiencing a growth of 11.6% (2020-2023).
In soups, soy flour can enhance thickness and provide a creamy consistency without adding excess fat. In sausages, it acts as a filler and binder, improving the product’s structural integrity and nutritional profile. Therefore, the soup & sausages segment held 17% revenue share in the market in 2023. In terms of volume, by the year 2031, 142,895.7 tonnes of Soy flour are expected to be utilized. Soy flour is commonly used in soups and sausages to improve texture and nutritional value and as a binding agent. The versatility of soy flour in these applications underlines its importance in the food industry, where it helps manufacturers meet consumer demands for high-quality, nutritious, and cost-effective products.
The rise of vegetarian, vegan, and flexitarian diets has contributed significantly to the demand for plant-based proteins. These dietary trends encourage consumers to explore alternative protein sources, such as soy flour, for various applications, including baking, cooking, and formulating meat substitutes. The growing acceptance of these diets reinforces the position of soy flour as a vital ingredient in plant-based products. Additionally, the high protein and fiber content of soy flour can aid in weight management by promoting satiety and reducing overall calorie intake. As obesity rates increase globally, there is a growing emphasis on weight management and healthy eating habits. Functional foods containing soy flour can serve as effective options for those looking to control their weight, further driving demand for soy flour in the market. Soy flour contains dietary fiber essential for maintaining a healthy digestive system. Increased awareness of the importance of gut health has led consumers to seek functional foods that support digestion. Incorporating soy flour into products can enhance their nutritional value and appeal to consumers who prioritize digestive health, boosting market demand. Thus, increasing demand for plant-based protein alternatives and growing awareness of the nutritional benefits of soy flour in functional foods is propelling the market's growth.
However, Global market trends influence soybean prices, including trade policies, export dynamics, and competition from other oilseed crops. Fluctuations in the global market can have ripple effects on local soybean prices, impacting the production costs of soy flour. Price sensitivity among consumers can limit market growth, particularly in competitive segments where alternatives are readily available. Therefore, fluctuating prices of soybeans impact production costs and hamper market growth.
Based on type, the market is divided into full-fat soy flour and defatted soy flour. In 2023, the defatted soy flour segment garnered 68% revenue share in the market. In terms of volume, 622,889.6 tonnes of defatted soy flour is expected to be utilized by the year 2031. This indicates a strong preference and higher demand for defatted soy flour, commonly used in various food products due to its lower fat content and rich protein profile. The popularity of defatted soy flour can be attributed to its applications in baking, meat substitutes, and health foods, where a lower fat content is often desirable.
On the basis of application, the market is segmented into bakery & confectionery, meat substitute, soup & sausages, meat and poultry, and others. In 2023, the meat substitute segment attained 29% revenue share in the market. In terms of volume, 234,024.9 tonnes of soy flour are expected to be utilized as meat substitute by the year 2031. The growing consumer demand for plant-based diets and meat alternatives has significantly driven the use of soy flour in products like veggie burgers, sausages, and other meat substitutes.
By distribution channel, the market is divided into online stores, convenience store, departmental store, direct sales, and others. The online stores segment procured 35% revenue share in the market in 2023. In terms of volume, 292,170.7 tonnes of soy flour are expected to be sold through online stores by the year 2031. The growing trend of e-commerce and the convenience it offers consumers has significantly boosted the sales of soy flour through online channels. Online stores provide a wider reach, allowing consumers to easily compare products, read reviews, and purchase from the comfort of their homes.
Free Valuable Insights: Global Soy Flour Market size to reach USD 8.8 Billion by 2031
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. In 2023, the Asia Pacific region generated 38% revenue share in the market. In terms of volume, 557,040.9 tonnes of soy flour is expected to be utilized by the year 2031 in this region. The increasing population and rising disposable incomes in countries like China and India have led to a higher demand for nutritious and protein-rich food products, boosting the consumption of soy flour.
| Report Attribute | Details |
|---|---|
| Market size value in 2023 | USD 3.4 Billion |
| Market size forecast in 2031 | USD 8.8 Billion |
| Base Year | 2023 |
| Historical Period | 2020 to 2022 |
| Forecast Period | 2024 to 2031 |
| Revenue Growth Rate | CAGR of 13.7% from 2024 to 2031 |
| Quantitative Data | Volume in Tonnes, Revenue in USD Billion, and CAGR from 2020 to 2031 |
| Number of Pages | 348 |
| Number of Tables | 750 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Type, Distribution Channel, Application, Region |
| Country scope |
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| Companies Included | HDDES Group, Ceylon Spice Company, Elite Spice Inc., McCormick & Company, Inc., SDS Spices Pvt Ltd., Archer Daniels Midland Company, Foodchem International Corporation, Bob’s Red Mill Natural Foods, Inc., CHS Inc., The Scoular Company |
By Type (Volume, Tonnes, USD Billion, 2020-2031)
By Application (Volume, Tonnes, USD Billion, 2020-2031)
By Distribution Channel (Volume, Tonnes, USD Billion, 2020-2031)
By Geography (Volume, Tonnes, USD Billion, 2020-2031)
This Market size is expected to reach $8.8 billion by 2031.
Increasing Demand for Plant-Based Protein Alternatives Driven by Health Consciousness are driving the Market in coming years, however, Fluctuating Prices of Soybeans Impacting Production Costs restraints the growth of the Market.
HDDES Group, Ceylon Spice Company, Elite Spice Inc., McCormick & Company, Inc., SDS Spices Pvt Ltd., Archer Daniels Midland Company, Foodchem International Corporation, Bob’s Red Mill Natural Foods, Inc., CHS Inc., The Scoular Company
In the year 2023, the market attained a volume of 365,398.6 tonnes, experiencing a growth of 11.6% (2020-2023).
The Bakery & Confectionery segment is leading the Market by Application in 2023; thereby, achieving a market value of $2.8 million by 2031.
The Asia Pacific region dominated the Market by Region in 2023; thereby, achieving a market value of $3.4 billion by 2031.
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